Think Once Should Buy or Lease a House is Better In India?

Buying or leasing a home depends on various factors. As real estate prices rise and fall in India, it becomes difficult for home buyers to decide whether to buy or rent a property. It is necessary to do a thorough research of the city's property trends and decide whether to buy or rent a property. The decision also depends on the financial status of the person.

A wrong decision will lead to huge debt or illiterate assets. Many factors will help you decide whether to buy or rent a house in India:

High property prices: Property rates are skyrocketing in cities like Mumbai, Delhi, Chennai, Ahmedabad. So it becomes difficult for buyers to buy a house. Renting a house is a wise decision. Due to the rise in property prices, Mumbai is witnessing high demand for rental properties. The rental rate in Ahmedabad is quite stable, so renting is better than buying a property.

Low or stable property prices: Cities like Pune and Hyderabad have stable property prices, so buying a house in these cities is convenient. These are neutral cities for property investment. You can buy or rent property as per your convenience. Although Bangalore is a metropolitan city, properties prices are significantly lower than other Tier I cities. Therefore it is advisable to invest in property. In fact rental rates in Bangalore are very high compared to property prices. Even Hyderabad has cheap property prices and remains an ideal property to purchase destination.

Financial condition: Buying or leasing a property also depends on the financial condition of a person. If a person is financially strong, he can buy property even if the prices are high. Investors in cities like Chennai, Delhi, Gurgaon, Faridabad, Pune can take decisions based on their financial condition.

Duration of your stay: One of the factors to consider when buying or renting a property is how long you are going to stay in that place. If you are transferred to a particular place for a job or educational purpose then it is advisable to plan and decide the duration of your stay. If you are living for a short period of time then you rent a property instead of buying and paying a home loan. If you are looking for a long term plan then you can buy property.

Inactivity: Since large amounts of capital are invested, disposing of the house is difficult. Invest in an area that has strong infrastructure facilities such as connectivity, schools, parks, etc. Rather, it is better to rent a house, being stuck with an illegal property that is not easy to dispose of. Therefore it can be concluded that, if property prices are high, it makes sense to rent instead of buying property. Buying or renting a property depends on the person's choice and the above factors.

RBI extends EMI moratorium - latest update

As India struggles to get back on its feet in the rest of the world, the Reserve Bank of India is exploring ways to make the life of the common man less stressful.

The first EMI moratorium was announced on 27 March 2020 and was to cover debt repayment between March 1 and May 31. As the COVID-19 pandemic still continues, it was clear that postponement expansion was needed. That is why today (22 May 2020), RBI Governor Shaktikanta Das extended the moratorium on loan repayment saying - “In view of the expansion and continued disruption of lockdown due to COVID-19, the decision to allow lending institutions has been taken. From June 1 to August 31, 2020, another three months to extend the moratorium on term loan installments.

How does an extended EMI moratorium help?

About 122 million people lost their jobs due to the outbreak of COVID-19. To add to this, self-employed individuals are struggling to make ends meet due to loss of income during the epidemic. If you are wondering, about 51% of India's workforce is self-employed! This means that a large part of India's working population is now finding it difficult to manage its expenses and pay back its debts.

The additional 3-month extension would provide some much-needed relief to these individuals. They will now be able to take out their loans such as car loans, home loans etc. If they miss an EMI payment then they run the risk of negatively affecting their credit score.

Now that the loan is deferred for 3 months, and money is not deducted from their bank accounts, most people will have little money to watch them until things start appearing.

Important points to keep in mind about EMI moratorium

Although the RBI EMI moratorium is good news for many people, what should you know here-

· The EMI moratorium is not a mandate, it is a competent provision. Banks have the right to decide whether they want to follow it or not. Individual banks will also be allowed to decide whether this moratorium will be extended to all borrowers.

· If you have decided to avail the moratorium, the EMI will be extended with interest applicable to your outstanding principal amount during the unpaid time. This will increase your overall interest cost. If you have the money to manage your loan EMI, it is best to stick to the original repayment schedule, especially if you have a notable outstanding loan amount for a loan against a home loan or property.

· The moratorium prevents payments for principal and / or interest components; Bullet repayment; Equal Monthly Installments (EMIs) and credit card dues.

Repo rate reduction

Apart from announcing the moratorium, RBI also announced a drastic reduction of 40 basis points in the repo rate to 4%. The reverse repo rate has also been reduced by 40 basis points to 3.35%.

Repo rate is the interest rate that RBI charges for the funds to be given to banks. This drastic reduction in repo rates will also reduce the lending rates to banks. Lower lending rates will give people hope to think about reinvesting. It is also said that EMI will come down on home, auto, personal and term loan rates in the near future.

Karnataka minister announced no landlord should take rent during lockdown

R. Ashok, a revenue minister from Karnataka, said that landlords could not charge rent from tenants during the lockout. He said that action will be taken against the landlords if they force the tenants to vacate the property due to non-payment of rent.

"In this epidemic situation, action should be taken against the house owners in which owner can be imprisoned for up to one year or more under the National Disaster Management Authority," as he said.

However, if the order was not only for tenants belonging to economically weaker sections or people of the society, it did not make it clear.

Although the relationship between a tenant and an owner falls under the Karnataka Rent Control Act, 2001, the government may issue an amendment or an ordinance under the Act to chart instructions regarding collection of rent and eviction.

According to tax experts, Fiat can be challenged in court. Ashish K Singh, partner at law firm Capstone Legal, said, "In my opinion, the exercise of powers under the National Disaster Management Act for rent-related disputes would be challenged before the High Court or the Supreme Court." "It is clear that the NDMA's mandate does not cover the relationship between landlord and tenant."

The state government has taken cues from Singapore passing the COVID-19 Act 2020, which allows a tenant unable to pay rent and other dues under commercial leases from rental payment obligations for six months Seeks temporary relief.

According to property brokers, many prospective house buyers have postponed their plans to buy the property, which has boosted demand for rented houses in Bangalore.

Potential house buyers are expected to moderate prices and home loan rates.

Adverse Possession in Real Estate Market of India

Adverse possession is also described as a "right to squatter", a constitutional law under which a person who does not have a valid title to a small property, regularly owns land (real estate property) legal ownership or obtains legal residency power on the basis of ownership of land with the support of its legitimate owner.

Generally, a property owner has the right to recover property of his property through a legal action such as a legal action such as eviction. However, in English common law, courts have governed when a person occupies a portion of property without authorization and the owner of the property exerts its power to recover its property for a notable period of time. If not executed, not only is the new owner prohibited practicing their power to prohibit, but in the opposing property "Springs Up" is a specific latest title for the property.

Property ownership is absolutely prestigious for all of us, but this iconic status is much more complex. While it is often believed that the law is tilted in favor of the haves, many laws prevailing in our country prove otherwise. One such law is the Limitation Act.

Law

While not accepting possession in a traditional course, the occupier can claim title to the property in case of adverse possession. It is presumed that the property was permissible and legally commenced unless proved otherwise.

The essential demand of possession under adverse possession is that possession should not be obtained through force or unauthorized means.

Limit act

The Limitation Act, 1963 is an important part of the law, which elaborates on adverse possession.

The Act prescribes an amount twelve years for personal assets and thirty years for government owned ones which you must claim on your property.

Any delays may result in future disputes

The principle that the Limitation Act relies on is that the ex limits the measure, but not the rights. This means that in case of adverse possession, the original owner may have title to the property, however, he loses the right to say so during a court of law.

Period of time

To practice this law, the time period is determined by the time the applicant is in possession of the property of the owner.

Possession must be continuous, unbroken and unobstructed for the entire duration. The claimant must have personal possession of the property. However, the reservation phase does not cover the whole in which litigation between the owner and the claimant is ongoing. However, this rule also has several exemptions. If the owner of the property is a minor, or unhealthy mind, or serving within the military, the property resident cannot claim adverse possession.

Below are some basic specifications to be set up to show off adverse possession:

Hostile Possession: The object of the owner of the property will be to gain possession through adverse possession. These rights are derived on the account of the rights of the original owner. There must be a definite or implied rejection of the inscription by the owner. Creating a boundary wall across the entire property can be a means to further this ownership.

Public knowledge: In general the public should be aware of the claimant's possession. This requirement is set so that the actual owner has enough centers to know that a person owned their property and gets a fair opportunity to do the work. However, one is not obliged to inform the principal owner about it.

Actual possession: Actual possession must occur during the period of interruptions. Material tasks such as collecting crops, repairing buildings, planting trees, building sheds, etc. can be intermediaries by which actual possession can be restricted. The owner could not declare possession on the property without being physically occupied.

Continuity: The owner of the property must have clean, unbroken, continuous and continuous possession. Any dispute in rights will violate his rights.

Specification: The owner of the property must have ownership. Possession cannot be obtained by individual entities or individuals for the claimed time period.

Some Problems are:

A milestone has been reported on adverse possession.

In 2004 the case of Karnataka Board of Wakf vs. Government of India and others explained the characteristics of adverse possession. It confirms that the onus is on the applicant to substantiate the facts and testimony necessary to declare the title to the property.

The person alleging adverse possession has to confirm the following before the court:

1. Date of occupation

2. Quality of possession

3. Public occupation was identified

4. Continuation of possession

We need change

This archaic law needs to be renewed as it goes on versus equity. It executes the owners of the property and compensates for trespasses rather than vice versa. However, until the development is done with the SuGanta Realty Services llp owners property should be knowledgeable and monitor them.

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The Phase of Real Estate had changed due to Technology

Technology has endlessly impacted businesses such as transportation, healthcare, financial services, retail and many more, with similar approaches sharply changing the real estate sector. From home to online booking to view, technology has satisfied a great idea to boost the life of the customer. Due to technological advancement, people have immediately become smarter and hold an easy path to the heaps of knowledge.

The importance of technology in our everyday lives is undisputed. We all accept the case that today's progressive world is insignificant without technology.

Within technology, innovative opportunities are knocking at the door

Technological achievement has taken the world to a different level and this picture is completely different from previous decades where it is challenging for sellers to combine with buyers.

Simple search methods: Google search has made it easy to find any information in a mouse click. Real estate companies now have their own websites and apps, where customers can preview the information they need. Technological developments have even broken the geographical barrier where NRI customers can book and finalize homes from any part of the country. In fact, due to increasing technology, it is easy to seek professional advice from the client in case of any doubt.

Online Payment Options: With online payment options, buying and selling homes has become much easier than before. Whereas earlier customers had to appear in person and a singular date was established to receive payment. Now, due to easy bank transfer and various techniques of receiving payment, instant payment has become easy.

Chat bots: Marketing and sales enforcement is enhanced through chat bots. Chat bots assist as a point of communication between customers and companies as they market direct questions and assure customers to resolve their inquiries.

Social Media: Every news with social media is just a picture. It prefers each specific detail that is important from the customer's point of view.

Home computerization: Making our lives easier and simpler with technology. Smart homes have become the foundation of a stable lifestyle. It is technology that has caused home automation in the picture. Everyday we understand the latest home automation to get our home protected and technically exceptional. Home automation encompasses a wide range of functionalities.

Let us understand some contemporary devices which is the most suitable example of home automation:-

Great control: This thing is a personal wall switch that practices wi-fi to connect and use with multiple devices in your home. The color finish screen and a user-friendly button will let you play music, control lighting, approximate temperature and many more. It is reasonably priced but is a smart choice for a high-tech home.Combined with a wi-fi that assures you to regulate temperature from a phone, tablet, or your system.

Smart heating and cooling: An inclusion of primitive sensors that adjust to reduce hot and cold points in different rooms. The technology that brought about revolution in today's world has been an essential component of our lives.

Real estate is changing the face of unnatural intelligence as technology changes. It is anticipated that artificial intelligence will be able to fully handle the market. It first managed to become a monologue platform, but due to advances in technology, it has now interacted with an online program. Due to this advancement in technology, it is predicted that the overall business board is a real estate or continues to prosper. SuGanta Realty Services llp offers you a range of apartments, villas, flats, farmhouses, plots, Offices, Spaces, Shops, Builder floors etc on affordable price and amenities.